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Abstract:

This chapter introduces the relevant concepts in environmental and natural resource analysis and brings out why there is a need for governmental regulation and policy for environmental management. Classification and definitions of environmental goods and services are presented in the second section. In the third and fourth sections, an attempt is made to discuss environmental goods as a necessity or an amenity and as public goods and to examine the major characteristics of these goods. In the fifth section, policy context is examined. Given the public goods nature of environmental resources, the importance of conscious policy on use and conservation is highlighted. Concluding remarks are contained in the last section.